Marvell Technology announced the successful execution of its fiscal year 2024, reporting a total revenue of $5.5 billion and a significant transformation to capitalize on growth opportunities in the semiconductor industry. The company's Data Center revenue grew substantially, accounting for more than half of Marvell's total revenue by the fourth quarter, driven by increased demand for AI-related data center products. AI-related revenue tripled, reaching over 10% of the company's total revenue. Automotive revenue also saw growth due to new business wins with automotive OEMs. Despite a global softening in demand for Carrier Infrastructure and a slowdown in IT spending impacting the Enterprise Networking business, Marvell expects demand for its products to resume. The company focused on controlling its...Show More

Marvell Technology announced the successful execution of its fiscal year 2024, reporting a total revenue of $5.5 billion and a significant transformation to capitalize on growth opportunities in the semiconductor industry. The company's Data Center revenue grew substantially, accounting for more than half of Marvell's total revenue by the fourth quarter, driven by increased demand for AI-related data center products. AI-related revenue tripled, reaching over 10% of the company's total revenue. Automotive revenue also saw growth due to new business wins with automotive OEMs. Despite a global softening in demand for Carrier Infrastructure and a slowdown in IT spending impacting the Enterprise Networking business, Marvell expects demand for its products to resume. The company focused on controlling its destiny by reallocating resources, reducing operating expenses, improving non-GAAP gross margin, paying down debt, and restarting its share repurchase program. Marvell returned $357 million to stockholders through dividends and stock repurchases and authorized an additional $3 billion for its stock repurchase program. The company's commitment to AI and Accelerated Computing, bolstered by strategic acquisitions, positions Marvell at the center of a generational change in data center architecture. Marvell's workplace culture and commitment to diversity, inclusion, and community contribution were recognized with several awards. The company also developed a plan to reduce greenhouse gas emissions, validated by the Science Based Targets initiative. The 2024 Annual Meeting of Stockholders is scheduled for June 20, 2024, where stockholders will vote on the election of directors, executive officer compensation, and the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2025.